Summary of Conference Call Records Industry Overview - **Industry**: China Hardware and Semiconductors - **Quarter**: 2Q25 Key Points and Arguments 1. Performance Highlights - 35% of 2Q25 results beat expectations, an increase from 20% in 1Q25, primarily driven by AI, optics, and tariff pull-in demand [1] - Among 37 tech hardware and semiconductor stocks, 13 reported results that beat expectations, 8 were in-line, and 16 missed [2] 2. Inventory Levels - The China tech inventory tracker indicates healthy inventory levels for consumer electronics hardware in 2Q25, while AI hardware remains high due to strategic stocking [1] - Downstream hardware showed low Days Inventory Outstanding (DIO) for passive components and optical fiber, while optical communications and networking saw high DIO [3] 3. Market Dynamics - AI continues to be a high-growth vertical, with expectations of rotation within the AI supply chain in 2H25 [2] - The Apple supply chain may experience profit-taking post-iPhone launch, but foldable iPhone beneficiaries are expected to remain resilient [2] - The camera supply chain is anticipated to see new edge device launches in 2H25 [2] 4. Company-Specific Insights - **Sunny Optical**: Expected to benefit from multiple growth engines including automotive multi-cam trends and AI smart glasses [10] - **Lens Tech**: Anticipated to gain from iPhone cover glass upgrades and new product rollouts [10] - **Xiaomi**: Positioned as a long-term structural growth name with promising EV growth and a recovering smartphone landscape [10] - **FII**: Expected to see significant revenue growth from AI server deployments, with a target price based on strong profitability metrics [10] 5. Semiconductor Sector - Chinese semiconductor makers are improving inventory balance due to demand pull-in ahead of tariffs and industry recovery [11] - Localization efforts are increasing, particularly in smartphone and automotive sectors, driven by geopolitical tensions and supply uncertainties [11] 6. Future Outlook - Global smartphone shipments grew by 1.4% YoY, with expectations of flat growth in 3Q25 due to pull-forward demand [7] - AI infrastructure demand is expected to drive multi-year growth, particularly in datacenters and servers [11] - The semiconductor sector is seeing strong demand growth, particularly in AI-related applications [11] 7. Risks and Challenges - Power discrete components face challenges due to industry oversupply and increasing local competition [2] - Smartphone makers may experience margin pressure due to rising memory prices [7] - The semiconductor industry is still grappling with uncertainties related to tariffs and geopolitical tensions [11] 8. Analyst Recommendations - **Upgrades**: BYDE upgraded to Buy; Goodix upgraded to Buy due to anticipated ASP and margin upside [2][11] - **Downgrades**: BOEVx downgraded to Sell due to macro uncertainties and profitability concerns [2] 9. Key Metrics - AI server revenue is expected to grow by over 170% YoY in 3Q25, with significant contributions from rack shipments [8] - Sunny Optical's target price set at HK$103.0 based on a 23x 2026E EPS [10] 10. Conclusion - The overall sentiment in the China hardware and semiconductor industry remains positive, with strong growth prospects in AI and consumer electronics, despite facing challenges from inventory management and geopolitical factors [1][11]

Group 1 - The core viewpoint of the news is that 汇顶科技 (Goodix Technology) experienced a decline of 5.06% in its stock price, reaching 78.04 CNY per share, with a trading volume of 710 million CNY and a turnover rate of 1.92%, resulting in a total market capitalization of 36.061 billion CNY [1] - 汇顶科技 is a leading provider of chip design and solutions for the Internet of Things, with its main business revenue composition being: fingerprint recognition chips at 38.81%, touch control chips at 37.19%, other chips at 21.46%, and supplementary items at 2.54% [1] Group 2 - 南方中证500ETF (Southern CSI 500 ETF) is among the top ten circulating shareholders of 汇顶科技, having increased its holdings by 624,400 shares in the second quarter, totaling 4.1198 million shares, which represents 0.89% of the circulating shares [2] - The fund has reported a floating loss of approximately 17.1385 million CNY as of the latest data [2] - The fund manager, 罗文杰, has a tenure of 12 years and 137 days, with the fund's total asset size at 138.999 billion CNY and a best return of 141.73% during his tenure [3]

根据《中华人民共和国公司法》《上海证券交易所股票上市规则》等法律、法规、规范性文件和《公司 章程》等有关规定，深圳市汇顶科技股份有限公司（以下简称"公司"）董事会成员人数由7名变更为8 名，新增1名董事为职工代表董事，由职工代表大会选举产生。 为完善公司治理结构，公司于2025年9月9日召开2025年第一次职工代表大会，选举冯敬平女士为公司职 工代表董事。冯敬平女士将与公司现任非职工代表董事共同组成公司第五届董事会，任期自本次职工代 表大会选举通过之日起至公司第五届董事会届满之日止。 经核查，冯敬平女士的任职资格和条件符合《公司法》《公司章程》和其他相关法规关于公司职工代表 董事任职的规定。冯敬平女士当选后，公司第五届董事会成员中兼任公司高级管理人员以及由职工代表 担任的董事人数总计不超过公司董事总数的二分之一，符合相关法律法规及《公司章程》的规定。 特此公告。 证券代码：603160 证券简称：汇顶科技 公告编号：2025-059 深圳市汇顶科技股份有限公司 关于选举职工代表董事的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担个 ...

Group 1 - The company, Huida Technology, announced that it will hold its first employee representative meeting on September 9, 2025 [2] - During this meeting, Ms. Feng Jingping will be elected as the employee representative director [2]

证券代码：603160 证券简称：汇顶科技 公告编号：2025-059 深圳市汇顶科技股份有限公司 关于选举职工代表董事的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 特此公告。 深圳市汇顶科技股份有限公司董事会 2025 年 9 月 10 日 附件：冯敬平女士简历 冯敬平，女，1985 年生，大专学历。2004 年入职深圳市汇顶科技股份 有限公司，2021 年 9 月至 2025 年 9 月任公司监事会主席，现任公司触控产 品线硬件部工程师。 冯敬平未持有公司股票，与公司控股股东、实际控制人及其他董事、高 级管理人员和持股 5%以上的公司股东之间不存在关联关系，无重大失信等 不良记录情况，亦未受过中国证监会及其他有关部门的处罚和证券交易所的 惩戒，不存在《公司法》和《公司章程》中规定的不得担任公司职工代表董 事的情形。 根据《中华人民共和国公司法》《上海证券交易所股票上市规则》等法律、 法规、规范性文件和《公司章程》等有关规定，深圳市汇顶科技股份有限公司（以 下简称"公司"）董事会成员人数由 7 名变更为 8 ...

证券代码：603160 证券简称：汇顶科技 公告编号：2025-058 深圳市汇顶科技股份有限公司 2025年第一次临时股东大会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 9 月 9 日 (二)股东大会召开的地点：深圳市福田区梅康路 1 号汇顶科技总部大厦会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 857 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 236,675,757 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股份总数的比例（%） | 52.0293 | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东大会由公司董事会召集，董事长张帆先生因公出差，经全体董事一 致同意，推选董事朱星火先生主持本次股东大会。会议采用现场投票与网络投票 相结合 ...

广东信达律师事务所 股东大会法律意见书 中国深圳福田区益田路6001号太平金融大厦11、12层 邮政编码：518038 11&12/F, TaiPing Finance Tower, 6001 Yitian Road, Futian District, SHENZHEN, CHINA 电话(Tel.)：(86 755)88265288 传真(Fax.)：(86 755)88265537 电子邮件(Email)：info@sundiallawfirm.com 网址(Website)：www.sundiallawfirm.com 关于深圳市汇顶科技股份有限公司 2025年第一次临时股东大会的 法律意见书 信达会字[2025]第263号 致：深圳市汇顶科技股份有限公司 广东信达律师事务所（以下简称"信达"）接受深圳市汇顶科技股份有限公 司（以下简称"公司"）委托，指派信达律师出席公司2025年第一次临时股东大 会（以下简称"本次股东大会"），对本次股东大会的合法性进行见证，并出具 《广东信达律师事务所关于深圳市汇顶科技股份有限公司2025年第一次临时股 东大会的法律意见书》（以下简称"《股东大会法律意见书》"）。 ...

Group 1 - The core point of the article highlights the recent financial activities and legal issues surrounding 汇顶科技, including a net financing purchase and potential insider trading claims against its executives [2] - On September 4, 汇顶科技 had a financing buy of 78.84 million yuan and a financing repayment of 69.71 million yuan, resulting in a net financing purchase of 9.13 million yuan [2] - Following an announcement on August 25 regarding senior management receiving a notice of investigation from the China Securities Regulatory Commission, affected investors are eligible to claim compensation if they purchased shares between the company's listing and the specified date [2] Group 2 - On June 16, 汇顶科技 announced the completion of the cancellation of certain stock options, specifically 73,800 options from the first phase of the stock option incentive plan due to the departure of 8 incentive targets [3] - The cancellation of stock options was confirmed by the China Securities Depository and Clearing Corporation and was completed on June 13, 2025, without affecting the company's equity [3] - 汇顶科技 has participated in 28 bidding projects and holds 81 trademark registrations, indicating its active engagement in business development and intellectual property management [4]

Core Insights - The semiconductor industry is experiencing a structural recovery, with the analog chip sector seeing a rebound in profitability, leading the A-share semiconductor sub-industry in profit growth by Q2 2025 [1] Emerging Business Dynamics - 2022 marked a turning point for the analog chip industry, transitioning from a shortage and price increase phase to an oversupply situation, entering a prolonged destocking cycle. However, profit growth in the analog chip sector has significantly improved this year, driven by special fields, industrial markets, and automotive electronics [2] - In the first half of this year, the A-share semiconductor industry achieved operating revenue of 321.2 billion yuan and a net profit of nearly 24.5 billion yuan, a year-on-year increase of approximately 30%. The second quarter saw a nearly 60% quarter-on-quarter profit growth, with the analog chip sector's net profit increasing about fourfold [2] - Notable companies include Zhenlei Technology, which reported a net profit growth of 10 times year-on-year, and Sirepu, which also saw significant profit recovery [2][3] Product Structure Upgrade - The analog chip industry's gross margin has improved significantly, with the median sales gross margin rising from 34.72% in Q1 to 35.05% in Q2 this year [4] - Companies like Chipone and Zhenlei Technology reported gross margins of nearly 88% and 83%, respectively, benefiting from increased demand in consumer electronics and automotive electronics [4] - Sensor manufacturer Micron Technology achieved a net profit of 25.19 million yuan, with a gross margin of 31.64%, driven by the widespread application of MEMS acoustic sensors in consumer electronics and automotive sectors [4] Inventory Turnover Improvement - The analog chip industry's inventory turnover days have accelerated, with a median of nearly 177 days in Q2, surpassing the levels of the same period in 2022. Nearly 60% of listed companies have reduced their inventory turnover days [8] - Companies like Juyuan Technology and Zhenlei Technology have significantly compressed their inventory turnover days, while others like Juxian Technology have seen an extension in turnover days [8] Company-Specific Developments - Aiwai Electronics reported a 70% year-on-year increase in net profit, reaching 156 million yuan, despite a decline in operating revenue, due to new product launches and expansion in industrial and automotive sectors [6] - Huida Technology experienced a nearly 36% increase in net profit, attributed to reduced chip procurement costs and new product launches, despite a slight decline in operating revenue [7] - Chipone's production line is expected to stabilize and improve profitability as production efficiency increases and cost reduction signs emerge [9]

Group 1 - On September 2, 2023, Huida Technology had a financing buy-in of 1.08 billion yuan and a financing repayment of 1.05 billion yuan, resulting in a net financing buy of 3.3754 million yuan [2] - On August 25, 2023, Huida Technology announced that its president, Liu Yuping, received a notice of investigation from the China Securities Regulatory Commission (CSRC) for suspected insider trading, which may allow affected investors to seek compensation [3] - The CSRC's investigation is based on the Securities Law and Administrative Penalty Law of the People's Republic of China, indicating potential legal implications for the company and its executives [3] Group 2 - On August 1, 2023, Huida Technology announced the conditions for the second exercise period of its stock option incentive plan, which allows for the exercise of 403.65 million stock options at a price of 55.38 yuan per option [4] - The second exercise period is set from August 25, 2025, to August 24, 2026, with a total of 944 individuals eligible to exercise their options [4] - The law firm Guohao (Shenzhen) has confirmed that the exercise matters have received the necessary approvals and comply with relevant regulations [4] Group 3 - Huida Technology has participated in 28 bidding projects and holds 81 trademark registrations, indicating its active engagement in business development and intellectual property management [5]